The infamous collapse of FTX instigated the downfall of the entire market. While the market crumbled, several platforms were revealing their exposure to the failure of the platform. A few other firms like BlockFi decided to impose a pause on withdrawals. In the meantime, several employees of the SBF-led exchange were seen bidding adieu. The FTX Future Fund team, the firm’s philanthropic arm was the latest one to jump ship.
In a recent blog post, the team noted that it was “immensely saddened to learn of the recent events at FTX.” While expressing concerns over the affected customers at FTX, the team decided to resign. The post read,
“We are now unable to perform our work or process grants, and we have fundamental questions about the legitimacy and integrity of the business operations that were funding the FTX Foundation and the Future Fund. As a result, we resigned earlier today.”
The FTX Future Fund team noted that at present there were several committed grants that the team would not be able to honor.
It should be noted that the FTX Future Fund had provided aid for a plethora of projects. This included initiatives in the A.I. as well as the biosecurity industries. The team did so to provide “long-term improvements for humankind.”
In addition to this, the exchange intended to pour $1 billion into the Future Fund with about $100 million every year.
Is this the end of the FTX empire?
Lack of clarity over the ordeal seemed to be a major concern to many. Further elaborating on the same, the team wrote,
“We don’t yet have a full picture of what went wrong, and we are following the news online as it unfolds. But to the extent that the leadership of FTX may have engaged in deception or dishonesty, we condemn that behavior in the strongest possible terms. We believe that being a good actor in the world means striving to act with honesty and integrity. “
Earlier this week, it was brought to light that a majority of FTX’s legal as well as compliance team had quit. As this downfall takes several turns, the community speculates more resignations in the coming days.